MUSCAT, 26 February 2004 — Oman will soon allow foreigners to own residential property in a bid to boost foreign investment, a tourism official said in remarks published yesterday.
“I am hopeful that the decision to this effect will be issued next month,” the Times of Oman quoted Tourism Ministry Undersecretary Mohsin ibn Khamis Al-Balushi as saying. The decision, which is to be issued by the ministry of housing, electricity and water, is aimed at attracting foreign investment and promoting economic liberalization, Balushi said.
A royal decree was issued here earlier this month allowing citizens of the Gulf Cooperation Council (GCC) to own property, for residential or investment purposes, in Oman.
In addition to Oman, the GCC groups Saudi Arabia, Kuwait, the United Arab Emirates, Bahrain and Qatar.
